In a complex agreement that has yielded roles for two Am Law 100 firms, Corning—whose Gorilla Glass is used in smartphone, tablet, and television screens—announced this week that it will buy out Korean electronics giant Samsung’s share of a joint venture between the two companies.
In exchange for selling its piece of the 18-year-old partnership known as Samsung Corning Precision Materials, Reuters reports Samsung will receive a 7.4 percent stake in Corning worth $1.9 billion. The accord also includes a 10-year LCD glass supply deal between Corning and Samsung that will add some $2 billion to the former’s annual sales.
